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11.37.06am GMT Mon 26th Jan 2004

Commenting on the news that the Government is considering issuing bonds to raise funds to finance major capital projects in London, Liberal Democrat Mayoral candidate Simon Hughes MP said:

"We welcome the news that the Chancellor may consider allowing Transport for London to raise bonds to finance major capital projects.

"The Liberal Democrats have long advocated this system of raising additional capital, but the Mayor and this Labour government have proved remarkably timid in pushing these ideas forward.

"However, I have no confidence that this current Mayor, nor Transport for London under his leadership would spend such money wisely, or could deliver projects on time or on budget."

ENDS